In many economies, wealth is strikingly concentrated. Entrepreneurs--individuals with ownership in for-profit enterprises--comprise a large portion of the wealthiest individuals, and their behavior may help explain patterns in the national distribution of wealth. Entrepreneurs are less diversified and more heavily invested in their own companies than is commonly assumed in economic models. We p...

This paper divides economic institutions into three categories—coordination institutions, property rights institutions, and contracting institutions— and from this perspective, analyzes the role of government in Korea’s economic development from the 1960s to the 1980s. This analysis suggests that the Korean development experience is not in line with the conclusions of Acemoglu, Johnson, and Rob...

The role of health in economic development is tested using three empirical approaches: a direct labour productivity effect, an interactive effect, and an incentive effect. Using proxies for health such as access to sanitation facility, clean water, immunisation, and adult male mortality, higher levels of health are hypothesised to promote higher economic growth as healthier workers are more pro...

The classical economic production quantity (EPQ) model assumes that items produced are of perfect quality and the production rate is constant. However, production quality depends on the condition of the process. Due to process deterioration or other factors, the production process may shift and produce imperfect quality items. These imperfect quality items sometimes can be reworked and repaired...

The purpose of this paper is to investigate the short-run and long-run causality between renewable energy (RE) consumption and economic growth (EG) in nine OECD countries from the period between 1982 and 2011. To examine the linkage, this paper uses the autoregressive distributed lag (ARDL) bounds testing approach of cointegration test and vector error-correction models to test the causal relat...

Industrialisation has always constituted a major objective of development strategy and government policy. Through industrialisation, developing nations aspire to achieve higher economic growth, and to eventually attain developed nation status. Yet, it remains doubtful whether the approach of industrial policy-making in developing countries has indeed been successful in transforming their econom...

Our general pattern of deficits and debt has much in common with that of many other Organization for Economic Cooperation and Development (OECD) countries, including the United States—that is, a very high ratio of debt to GDP coming out of the Second World War, followed by a rapid decline of the debt ratio as the military was demobilized, as economic growth took off, and as the effective intere...

Over the last fifty years, the income gap between rich and poor countries has grown. Between 1950 and 2000, annual per capita income in OECD countries tripled from US$7,300 to US$23,000, while income in Latin America only doubled, from US$3,000 in 1950 to US$6,200 in 2000. This is largely due to widening gaps in knowledge and technology. The North has continued to generate new technologies that...

In this paper, we present a simple model that offers a unified framework for the analysis of economic growth and economic development. In our model, the transformation of production relationships, a key feature of the process of economic development, goes hand-in-hand with economic growth. The main driving force of this pattern is that economic growth in relatively backward economies is associa...

Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came into force on 30th September 1961, the Organisation for Economic Cooperation and Development (OECD) shall promote policies designed: − to achieve the highest sustainable economic growth and employment and a rising standard of living in member countries, while maintaining financial stability, and thus t...